Divorce law blog

If you’ve just been through, or are going through, a marriage or relationship breakdown, making a new will is probably the last thing on your mind. But your existing will is unlikely to reflect your changed circumstances and it’s worth updating it sooner rather than later. The risk of not doing so is that, on your death, your assets don’t pass to the people you would like to inherit from you.

It is now commonplace that one or both of a divorcing couple will have a pension fund, which could be shared as part of any financial settlement. Pensions are complicated and mistakes in splitting them are well publicised, so it’s important to get expert advice to make sure you don’t lose out. Here are our top tips.

What the vast majority of cohabitants will not be aware of is the huge difference between the financial rights they have when their relationship breaks down as compared to married couples. Those cohabitants who cling to the idea that they are in a “common law marriage” and will be “ok”, need to know that common law marriages have not existed since 1753 and the laws that apply to them on separation can be very unfair indeed.

We’re told that 60 is the new 40. This isn’t just wishful thinking on the part of those of us fast approaching that milestone. When the NHS was set up in 1948, male life expectancy was 66. The idea of a man of almost 70 strutting around a stage at the O2 Arena telling you to get off his cloud would have been unthinkable. Men are now expected to live until around 78 and women 82. Statistically, a third of girls and a quarter of boys born now can expect to reach their 100th birthday. But, as the Stones sang, "You Can’t Always Get What You Want", and the fact that we’re all living longer is reflected in a less happy statistic: the rise in so-called “silver divorces”. So why is it happening and are the issues faced by these couples and how we deal with them much different than they are for younger divorcees?

When it comes to sorting out your finances as part of your divorce settlement, it can be difficult to appreciate that specialist pensions advice – over and above that provided by your lawyer – may be worth the additional expense. However, reviewing your pension sharing options properly is a crucial part of weighing up what you and your family need in the immediate future versus the longer term considerations.

Disclaimer

The information on this blog is not legal advice. You should not rely on it and we don't accept liability in connection with it. Please read our full disclaimer and let us know if you would like us to advise on any legal issue.